When Beijing unleashed its titanic stimulus in 2009, the priority was to funnel money into the provinces at top speed to power the post-crisis recovery. Local governments and municipalities were allowed to bypass normal borrowing constraints to kick-start projects. Now the reckoning is in and the scale of the credit frenzy risks leaving many of the borrowers in default of loans, more than half of which fall due within three years.
manbetx3.0 政府在2009年出台巨额刺激方案时，重点是尽快向各省市输送资金，推动manbetx app苹果 金融危机过后的manbetx20客户端下载 复苏。当时，各省市的地方政府获准绕开通常的举债限制，以尽快启动项目。如今，还债的时候到了（逾半贷款将在今后3年里到期），当年那场信贷狂热的规模意味着，许多借款人可能违约。
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